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Oil hits 7-year high on political fears, supply shortages
Oil prices rose on Friday, reaching their highest levels in more than seven years, as ongoing global political turmoil raised concerns about a supply shortage.
Oil prices were on track for gains for the sixth consecutive week, the longest streak of weekly gains since October.
Brent crude futures rose 69 cents, or 0.77%, to settle at $90.03 a barrel.
In the session, it reached $91.70, its highest level since October 2014.
West Texas Intermediate crude futures rose 21 cents, or 0.24%, and settled at $86.82 a barrel.
It reached its highest level in more than seven years at $88.84.
The major producers in the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia in what is known as (OPEC +), are seeking to raise their production levels.
The market was also affected by the attacks launched by the Yemeni Houthi movement on the United Arab Emirates.
